Just wanted to let all my friends here know that after 19 plus years of working for brokers, I have struck out on my own. If you have clients relocating to or from Portland Oregon and need an agent to refer them to - I would appreciate you consideration. Alphabet soup behind my name includes NAR,ABR,CRS,GRI - Serving the Metropolitan Portland area on the Oregon side of the River. Need a referral to Vancouver Washington? I will be happy to assist you.
And Portland is a transitioning market with more listings and fewer pending sales than a year ago.
So how does "Wes" get these results? By explaining to prospective Sellers - that it is a transitioning market and this is not the time to test the market if they want to sell.
Next only accepting listings where the Seller wants and needs to sell.
And finally getting the Seller to committ to regular price adjustments if offers are not received on the property within a mutually agreed upon time period.
So if you have property in the Portland Oregon metro area that you truly want and need to sell - call "Wes" - the realtor that can guide you through this transitioning market.
Your property needs to be correctly priced for its condition to sell in this market.
Market Activity in the Portland Metro Area appears to have cooled when comparing May 2007 to May 2006. While new listings continue to grow, the market experienced a decline in both closed and pending sales transactions. The number of new listings in the market continued its growth trend, increasing 4.8% over last May's total. On the other hand, the total amount of closed sales dropped 8.3% (2,802 v. 3,054), while pending sales dropped 16.4% (3,054 v. 3,651).
The average sale price reached a record high of $348,800. This is likely the result of increased high end home sales, which included five homes that sold for $2 million or more. The 12,486 active residential listings at the end of May would last approximately 4.5 months at the month's rate of sales
Year-To-Date Trends
New l i s t ings have grown considerably when comparing market activity for January-May 2007 to the same period of time in 2006. In that time, new listings ha v e inc r e a s ed 1 5 . 8%. On the other hand, pending sales and closed sales have declined 8% and 5% respectively.
Appreciation
Using the average and median sale prices for the twelve months tha t ended wi th May 2007 compared to the twelve months ending in May 2006, the average sale price appreciated 10.1% ($331,600 v. $301,300). Using the same formula, the median sale price appreciated 10.6% ($279,900 v. $253,000).
Observations
Since both average and median price data is based on 12 month moving averages, I believe we can expect to see a continuing decline in the rate of appreciation. Interest rates are anybody's call at this point - but if they trend up, we will probably see further inventory build and a continued move towards a more balanced market at 5 to 6 months of inventory.
This is not a doom and gloom forecast, but an opportunity for investors and buyers to work with agressive Buyer Agents to acquire property.
This condo in Portland's fareless square has been remodeled extensively. From hardwood floors throughout except for the tile floors in the baths - to rich cherry cabinetry and stainless steel appliances. This is 1497 square feet of superb living with views of Mt. Hood, the Williamette River and the Tram.
American Plaza amenities include two swimming pools, and exercise and weight room. club room, and plenty of guest parking.
Your will be just two blocks from the Trolley and fareless square to take you downtown for the theater, opera, ballet, symphony, jazz, and restaurants - or slip on over to NW 23rd.
At this price there is real value - less than $287/ square foot when comparable homes in The Pearl and River Front are going for much more than $300 per square foot. The Seller's are offering their home at this price because they want to move now. Buy it now to gain some possible instant equity.
Call W. E. "Wes" Sanders, Broker, RE/MAX Equity Group, Inc. 503-245-6400 ext 5419 for more information.
Here is a phot of that gourmet kitchen to tease you!
Each weekly edition of GHOST STORIES is a short read beginning with a quote that inspires the ideas expressed in the column. Feel free to share our stories with friends and colleagues!
INSPIRATION FOR TODAY: "My goal is not to be happy. My goal is to have a full, satisfying life." ~ Pierce Howard, author of "The Owner's Manual for the Brain"
GO WITH THE FLOW!
Ice cream or cake? A new car or a trip to Europe? Take a new job or stay put? All of our choices are rooted in the desire to become happy, but there's always the possibility that our choices could be wrong.
Maybe that's because happiness is more of a personality trait than a goal to set oneself. Consider that last year Americans spent $750 million on self-help books and $1 billion on motivational speakers. All that money invested, but what has been the return?
Money does not buy happiness, except for those lacking the basics. Once you've got what you really need, you'll never really get everything that you want. The trick is altering your approach to what you want. Imagining possible futures of happily-ever-afters or endless gloom won't get you anywhere. Neither joy nor despair last forever, and there's no one answer to encourage or prevent one or the other.
So where does that leave us if winning the lottery doesn't guarantee bliss? Instead of happiness, we could aim for what Pierce Howard calls "flow." Find an everyday joy, like cooking, reading, painting, whatever. When that activity engrosses you to the point where you forget where you are or what time it is, then you're in the flow.
When you're in the flow, you actually stop worrying about being happy. Remember that happiness is not a goal - it's a personality trait. Making happiness your goal may only encourage frustration. True happiness flourishes with family and other close relationships, which are not always perfect, but do lead to what Howard calls a "full, satisfying life."
So forget about lottery tickets and instead pick up a book, a brush, a telephone. Reach out or reach in, and seize the day. Become a happy person by forgetting about becoming happy!
This is copywrited materials, but Ghostwriters has given permission to share it with friends and colleagues.
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Our Oregon legislators are about to run amuck again - please contact your representative and senator and plead with them to kill Senate Bill 965
Regarding Oregon Senate Bill 965:
Here's an interesting article from the Oregonian. The Bill is receiving some criticism. However, it's been slanted to look like it's only coming from the mortgage lending community. Read it HERE.
I have also attached another brief commentary. It is very important that the lawmakers hear from folks outside of the lending industry. This Bill will have very real consequences for the housing market as a whole if it passes in it's current form. It will remove many viable loan options that buyers need. If you have other questions, please come talk with me.
Here are some "talking points" of what is contained in the Bill. If you'd like, I can provide you with a copy of the Bill in its entirety.
1. SB 965 has good intentions but unfortunately, this bill fails to focus on protection of Oregon consumers from "Predatory High Cost Home Loans", as originally intended. Instead the bill focuses on prime loan products that either the guidelines or DCBS classify as "non-traditional". As to subprime, the financial markets have already corrected to remove overly aggressive loan products or layering of risks from the marketplace. Gone are the $0 down, stated income loans to the fixed income borrower with marginal credit. Firms offering such loans are out of business, and the agencies that set underwriting guidelines for both the prime and subprime markets have made and are continuing to make conservative adjustments to lending standards.
2. SB 965 will force many small mortgage brokerage firms out of business, by eliminating the availability of or increasing the costs of state required insurance and bonding. SB 965 gives the Division ultimate authority over what underwriting guidelines are deemed acceptable vs. the actual lender/investors that fund, securitize, and service these loans. In both cases, these are decisions for which the mortgage broker and small mortgage banker has no control. They don't make the products, or the guidelines, or perform the underwriting. Moreover, SB 965 provides potentially severe penalties for violations of the arbitrary decisions of DCBS auditors, in reviewing the underwriting of individual loans. The potential risks that insurance underwriters will be concerned with include a private right of action on any loan going back as much as three years and the uncertainty that any loans originated in Oregon by lenders or brokers (other than exempted Banks and Credit Unions) may or may not be subject to future claims. The insurance and bonding companies that extend these specialized products to the mortgage industry see significantly higher risks associated with this bill and have already notified some firms of actions including: much higher premiums, higher net worth requirements, and outright withdrawal of the availability of policies within the State of Oregon. Without insurance and bonding coverage, firms may be forced to close, due to either statutory requirements or their inability or unwillingness to bear excessive risks.
3. This bill will have negative, unintended consequences in the conventional or "Prime" mortgage markets. It will limit access to quality credit products and increase rates for those Oregon consumers this bill is specifically trying to protect. Minorities, inner city, rural, elderly, and/or less educated consumers need the product availability and personal service that the mortgage broker provides. No banker is going to visit consumers at their home on a weekend, and be able to provide product and pricing options from multiple lending sources. Bank rates to consumers are already generally higher than those of brokers, who shop for the best rates for their borrowers from a wide range of lenders. Reduced competition is likely to send those rates even higher.
4. Limiting the prepayment penalties to 1 year on all loans will raise interest rates to the Oregon consumers this bill is trying to protect. 90% of all prepayment penalties are on sub-prime loans. Most sub-prime loans are designed as short term solutions allowing borrowers to access credit in times of great financial need. They use those loans and some time (normally two years) to restore their financial condition and credit so that they can ultimately refinance or purchase using prime loans. Raising the rates on those sub-prime loans to account for the shorter prepay penalty will increase the cost to the consumer during that critical time. The estimated rate increase for a 1 year vs. a standard 2-3 year prepay penalty on a typical sub-prime loan is .75% to 1.00% in rate. That is an additional $150 per month "penalty" forced on Oregon consumers on a $200,000 mortgage.
5. SB 965 puts the Division in the very dangerous business of setting underwriting guidelines for the industry. It is the job of the regulator to see that loans are done within the framework of regulatory compliance, focusing on disclosures to consumers and adherence to federal and state laws. It is the job of the lender to make underwriting decisions on individual loans.
To locate legislators' email addresses and phone numbers, go online to http://www.leg.state.or.us/ and click on "find your legislator". Input your home and/or business address and it will give you the names, email addresses and phone numbers of your lawmakers.
Ever so often my printer takes a fit and prints pages with one or two lines that belong on the previous page - on a separate page.
Now there is finally a solution to this problem that is inexpensive and really a great idea. In addition for the same price, it allows you to print, or email any file as a pdf file. In the printing process, this program lets you preview the pages, and eliminate any you do not want to print. Also if you just want a record of the text, you can eliminate the images - save that color ink.
The news gets even better - there a 60 day free trial for the Home version of GreenPrint.
Been remiss in posting the past week. Had my laptop die on me so have been going through the fun of setting up a new one. Fortunately all my databases were backed up, but still had the joy of re-installing all my programs.
Oh yes, also having the fun of learning about Vista now - not point in buying a new laptop and putting an older operating system on it. Actually everything went pretty smoothly - updated drivers were available for both my printers.
Do have one program that is not working yet, but that is because it has not been updated for Vista. - Patch is due within the month - by that time I should be an "expert" on Vista - they have made just enough changes in the interfaces to keep your life interesting.
If you are going through this, let exchange war stories. For instance have you discovered how to activate the "run" command?
When I first started in real estate in the late 80's, real estate agents would tour properties on Broker Open day. Lately not nearly as many are touring and I feel they are short changing themselves as well as their clients.
Sure, they say look at the homes on the internet, but that is not a way to really get a feel for the floor plan and the neighborhood. Either spinning virtual tours make you dizzy and/or less desirable aspects of the neighborhood are not shown.
This REALTOR® feels to really service buyers and seller, you must tour. Only by doing this can you get the feel for a neighborhood and the quality of the finishes used in a house. This knowledge is necessary to correctly price a property for a seller, and to be able to assist a buyer in arriving at a fair offering price.
By touring quickly and knowing what key items you are looking for it is possible to tour 15 or sometimes as many as 20 homes on broker's open day. Over the period of a month you develop a lot better feel for how the market is moving - than a real estate agent that does not tour. An added benefit is the chance to network with listing agents that actually host their opens - I may just discover that pocket listing that will exactly meet my buyer's needs.
For Real Estate Experiences Exceeding Your Expectations choose W. E. "Wes" Sanders, Broker as your REALTOR®.
W. E. "Wes" Sanders, Broker, ABR, CRS, GRI
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